Senate Gives NNPCL CEO 10-Day Deadline to Account for N200trn in Financial Irregularities

The Senate Committee on Public Accounts has handed the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, a 10-working-day ultimatum to respond to a series of damning financial queries, including discrepancies linked to over ₦200 trillion in unaccounted funds.

The committee, chaired by Senator Aliyu Wadada, issued the directive following what it described as alarming inconsistencies in NNPCL’s audited financial statements from 2017 to 2023. The red flags include unexplained receivables, undocumented audit and legal fees, and other questionable expenditures.

Ojulari had requested a two-month extension to address the 11 financial queries, but the Senate panel rejected the plea, insisting that the gravity of the findings demanded immediate action.

“We will not accept any delay tactics,” Senator Wadada declared during the session. “Public funds are involved here, and this committee is duty-bound to act swiftly and decisively.”

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The senator warned that failure to meet the July 10 deadline would compel the Senate to invoke its constitutional powers. He noted that any refusal to cooperate would be treated as contempt of the National Assembly.

Also absent at the session were NNPCL’s external auditors, a move Senator Wadada said raised additional concerns about transparency and due process within the national oil company.

The high-stakes hearing was attended by representatives from major anti-corruption and intelligence agencies, including the Economic and Financial Crimes Commission (EFCC), the Nigeria Financial Intelligence Unit (NFIU), and the Department of State Services (DSS), all of whom served as observers.

With the clock ticking, public interest in the case continues to grow, amid calls for greater financial accountability in Nigeria’s oil sector.